iPhone Benefit not that beneficial

Firstly, I am very happy with what Discovery is trying to accomplish with its reward programs (drive, money, and active), BUT read the fine print BEFORE activating your iPhone Benefit!

Let me explain how it works as I had to learn the hard way: Firstly you need the correct account with the right credit limit to qualify for the benefit. The cheapest account (currently R185 pm) is the Platinum account that requires a credit limit of R20000.

Based on this, the maximum cashback you can get is R500, that is if you reach ALL your goals for the 3 reward programs (money, drive, and active) EVERY month for 24 months. The amount of cashback increases if you open a higher colour account (but that only means you pay a higher monthly bank rate).

SO, let's do the calculations. You will pay, 185 x 24 (bank rate for the platinum account for 2 years) = 4440 out of pocket.

The cheapest, newest iPhone currently (iPhone 12 mini 64GB) is 17999.

If you look at the max cashback you may get (500 x 24 = 12000), that means you will pay 5999 out of your pocket (17***0) PLUS the 4440 you need to pay to keep your platinum account active?

It's also important to remember that you do not need all 3 reward programs to qualify for the iPhone benefit. This is where the kicker comes in. Let's say you do not have Drive, this means you won't get 4 of the 11 goals needed to receive 100% back of the 500 as explained above. You will ONLY receive 25% back of the 500 = 125 cashback per month!!!!

Again, I think this is a GREAT initiative to get people more active, spend their money wisely and drive better, but if Discovery would like people to activate all 3 of their reward programs, make the reward worthwhile??? Or change the iPhone benefit to work on the same basis as the Apple watch?

I have vitality active and money, but why would I activate my drive reward if the reward isn't even that rewarding in the long run?!

At the moment it will be easier just to get a phone contract somewhere else. Discovery is throwing away the chance to get more people on their rewards programs...